Exhibit 10.86
Xxxxx X. Xxxx
President/CEO
TO: Xxxxxx Xxxxxxx
FR: Xxxxx X. Xxxx
RE: Addendum to Employment Agreement
DA: 8/25/03
Reference is hereby made to your Executive Employment Agreement with Nexstar
Broadcasting Group. This memorandum will serve as an addendum.
Xxxxxxxxx 0, Xxxx. The term of this agreement is hereby extended through
December 31, 2008.
Paragraph 4, Compensation. During the extended term of the agreement, you shall
be entitled to receive an annual Base Salary (as defined in the agreement) at
the rate specified below:
Base Salary
From September 1, 2003 through August 31, 2004 $145,000
From September 1, 2004 through August 31, 2005 $150,000
From September 1, 2005 through August 31, 2006 $155,000
From September 1, 2006 through August 31, 2007 $160,000
From September 1, 2007 through August 31, 2008 $165,000
After September 1, 2008 $170,000
You will be eligible to receive a target bonus of $20,000 at the conclusion of
each calendar year, at the discretion of the CEO.
Paragraph 6(b) Termination Payments. (i) the period is hereby extended to one
year.
Equity Compensation: You will be granted options to purchase 15,000 shares at
the IPO price in the Nexstar Initial Public Offering. These options will vest
50% at the time of the IPO, and the remainder in equal installments over five
years.
All other aspects of your employment agreement with Nexstar remain in full
force and effect and will be governed by your agreement and the Nexstar
Employee Handbook.
Please indicate your agreement with and acceptance of the terms and conditions
of this addendum as of the date written by signing below.
Sincerely, Agreed and Accepted,
/s/ Xxxxx X. Xxxx /s/ Xxxxxx Xxxxxxx
Xxxxx X. Xxxx Xxxxxx Xxxxxxx
President/CEO Corporate VP/News
Nexstar Broadcasting Group, Inc.
000 Xxxx Xxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, XX 00000,
(000) 000-0000 fax (000) 000-0000
